45 Things to do before you put your business on the market.

1. 45 WAYS TO BUILD VALUE IN
YOUR BUSINESS
THINGS YOU WILL WANT TO DO BEFORE
YOU PUT YOUR BUSINESS ON THE MARKET

2. CREATE A WORKBOOK
AND CALL IT “MY
BUSINESS SALE”
WHENEVER YOU SEE
THIS ICON ON THE
SLIDE IT IS TELLING YOU
THAT YOU NEED TO
MAKE AN ENTRY INTO
YOUR WORKBOOK
Or use our template at
growandsellyourbusiness.com

3. WHEN ARE YOU GOING TO SELL YOUR
BUSINESS AND FOR HOW MUCH
JUST TAKE A GUESS AT THIS STAGE AND
Y O U W I L L F I N E - T U N E T H I S V E R Y
IMPORTANT EQUATION AS WE GO ON.
Y O U R G U E S S W I L L B E C O M E M O R E
EDUCATED. WRITE IT IN YOUR WORKBOOK

4. ASK THE QUESTION “ WHO IS
GOING TO BUY YOUR BUSINESS?”
ONCE YOU KNOW WHO MIGHT BUY
YOU CAN START TO THINK ABOUT
WHAT THAT BUYER WANTS AND ADAPT
YOUR BUSINESS ACCORDINGLY. A MUM
AND DAD (PRIVATE) BUYER WANTS
DIFFERENT THINGS COMPARED TO AN
INDUSTRY BUYER

5. CREATE A
BUSINESS
PLAN.
A GOOD BUSINESS PLAN ANSWERS THERE
QUESTIONS: WHERE ARE WE NOW, WHERE DO WE
WANT TO GO AND HOW ARE WE GETTING THERE
One page business plan
available at
growandsellyourbusiness.com

6. HIRE A
COACH
THEN YOU WILL FREE
YOURSELF UP TO WORK
ON YOUR BUSINESS
FORM YOUR TEAM

7. FIND A GOOD
ACCOUNTANT
YOU WANT ONE WHO
IS GOOD BUT ALSO
GOOD VALUE SO YOU
CAN ENGAGE IN
PLANNING AS WELL AS
COMPLIANCE WORK
FORM
YOUR
TEAM

8. FIND A
GOOD
LAWYER
YOU NEED ONE WHO HAS
EXPERIENCE WITH SMALL BUSINESS
AND TRANSACTIONS TOO.
FORM
YOUR
TEAM

9. FIND A
FINANCIAL
ADVISOR
YOU SHOULD BE PLANNING HOW MUCH
YOU NEED TO RETIRE AND THEN WHAT
YOU ARE GOING TO DO FOR THE REST OF
YOUR LIFE.
FORM
YOUR
TEAM

10. FIND A
BUSINESS
BROKER
A BUSINESS BROKER CAN ADVISE ON
BUSINESS VALUE, WHEN YOU SHOULD SELL
AND HOW TO GO ABOUT IT TO MAXIMISE
BUSINESS SALE PRICE. CONSULT ONE EARLY
FORM
YOUR
TEAM

11. ASK WHERE YOU ARE IN
THE INDUSTRY CYCLE
You need to be selling your business
before your product or service is out
of date or replaced by a cheaper and
more efficient variety. Make yourself
future-proof or get out.
The Cycles

12. ASK WHERE YOU ARE IN
YOUR LIFE CYCLE
How well are you
performing mentally? How
long have you got to go
before you start to become
less able to operate or build
the business. Do you want
to sell this one and buy
another? Are you stale?
Don’t leave it too late.
The Cycles

13. ASK WHERE YOU ARE IN
YOUR CALENDAR CYCLE
What is the best time of
year for you to sell. This
is the shortest of the
cycles but still
important for your sale
planning. Better to sell
coming into your busy
time or when stock is
low. Think about it.
The Cycles

14. ASK WHERE YOU ARE IN
THE ECONOMIC CYCLE
This is the longest
of all the cycles and
is probably one of
the easiest to plot.
The Cycles
You won’t know exactly when
the boom or bust will end but
statistics can give you plenty of
clues for educated estimates.

15. KEEP STOCK TO MINIMUM LEVELS
MAKE SURE YOU ONLY KEEP GOOD AND
SALEABLE STOCK. SELL OFF EXCESS STOCK.

16. SYSTEMISE
YOUR
OPERATION
SYSTEMS MAKE IT
EASY FOR YOUR
PEOPLE TO RUN
YOUR BUSINESS

17. SYSTEMS:
CREATE AND DOCUMENT YOUR SOCIAL
MEDIA POLICY AND PLAN. THIS GIVES
CERTAINTY AND IS A CRUCIAL PART OF
HANDOVER.

18. SYSTEMISE
YOUR SALES
OPERATION
JOIN A NETWORKING GROUP.
THEN WHEN YOU SELL, YOUR
SUCCESSOR CAN ALWAYS SLOT
INTO YOUR PLACE

19. SYSTEMISE
YOUR SALES
OPERATION
CREATE A SALES SYSTEM BLUEPRINT.
THIS TAKES THE GUESSWORK OUT OF
SALES AND MARKETING AND CREATES.
SEE OUR WEBSITE FOR MORE

20. Make sure your financial records are
clean and up to date

21. WORKING CAPITAL
REDUCE THE NEED FOR EXTRA MONEY IN THE
BUSINESS. REDUCE STOCK LEVELS. REDUCE
DEBTORS. EXTEND TERMS WITH CREDITORS.
FACTOR YOUR DEBTS.

22. IMAGE
MAKE SURE YOU
PRESENT AN
ATTRACTIVE
IMAGE. CLEAN UP
YOUR PLACE,
OFFICE AND
FACTORY. YOU
WANT A BUYER TO
SAY “I’D LOVE TO
WORK HERE” STEP
BACK AND TAKE
AN HONEST LOOK

23. MAKE SURE YOUR PROFIT
STATEMENT IS PROVABLE
BUYERS WILL BE HAPPY TO
FIND A BUSINESS THAT
HAS A VERIFIABLE
HISTORY. THEY WILL
DISCOUNT THE PRICE IF
THERE IS UNCERTAINTY,
MESSINESS OR HINT OF
MISREPRESENTATION
√

24. ENSURE YOU
HAVE AN
EVEN SPREAD
OF CLIENTS
THIS WAY YOU ARE
NOT EXPOSED IF A
MAJOR CLIENT
LEAVES AND TAKES
THEIR BUSINESS
ELSEWHERE. GROW
THE LONG TAIL OF
YOUR CLIENT LIST

25. INVEST IN
YOUR PEOPLE
HIRE STAFF
WISELY AND TO
FILL GAPS
THINK OF
OUTSOURCING
TO OVERSEAS
WORKERS IF
POSSIBLE

26. INVEST IN
YOUR PEOPLE
PAY YOUR STAFF
WELL. HAPPY
STAFF STAY
LONGER AND
THAT IS A KEY
STRENGTH WHEN
YOU ARE SELLING

27. INVEST IN
YOUR PEOPLE
HAVE REGULAR TRAINING
SESSIONS. STAFF WILL
STAY LONGER AND IT
SHOWS STABILITY IN A
BUSINESS TO HAVE LONG
SERVING STAFF.

28. INVEST IN
YOUR PEOPLE
BUY UNIFORMS
FOR YOUR
STAFF. THEY
WILL FEEL PART
OF A TEAM
AND IT WILL
HELP WHEN
YOU SELL.
APPEARANCE IS
EVERYTHING.

29. KEEP A REGISTER OF
EMPLOYEES WITH
PAY RATES, HOURS
WORKED, SPECIAL
SKILLS AND LENGTH
OF EMPLOYMENT.
KEEP IT UP TO DATE
EMPLOYEE REGISTER

30. MAKE YOURSELF
LESS IMPORTANT
TO THE BUSINESS
(THIS MAKES YOUR
BUSINESS MORE
TRANSFERABLE
AND HENCE MORE
VALUABLE)
DELEGATE MORE
TO KEY STAFF IN
YOUR BUSINESS.

31. MAKE YOURSELF
LESS IMPORTANT
TO THE BUSINESS
(THIS MAKES YOUR
BUSINESS MORE
TRANSFERABLE
AND HENCE MORE
VALUABLE)
TRUST IN THE
PEOPLE YOU HAVE
DELEGATED TO
AND TAKE MORE
TIME OFF FROM
YOUR BUSINESS.

32. DIFFERENTIATE
YOUR PRODUCT
OR SERVICE
DON’T JUST
COMPETE ON
PRICE

33. BUILD SALES
BUILD SALES BUT
IN A WAY THAT IS
REPEATABLE AND
SUSTAINABLE.
NOBODY WILL
PAY MONEY FOR
SALES AND
PROFIT THAT ARE
ONE OFF OR
BUILT ON HEAVY
ONE-OFF
DISCOUNTS

34. HAVE A GOOD SPREAD
OF SUPPLIERS
DON’T BE A THE MERCY OF
ONE SUPPLIER. GIVE
YOURSELF CHOICE. SHOP
AROUND.

35. KEEP YOUR
EQUIPMENT
UP TO DATE
POOR EQUIPMENT
WILL LET YOUR
BUSINESS DOWN

36. BUILD
YOUR
ONLINE
STRENGTH
THE MORE YOU
TRADE ONLINE,
THE LESS
VULNERABLE YOU
ARE TO PERSONAL
RELATIONSHIP RISK
AT TRANSACTION
STAGE

37. BUILD BRAND.
BRAND IS BUILT
UP OVER MANY
OF YEARS. IT MAKES
YOUR BUSINESS
DESIRABLE AND
VALUABLE AND IS
THE FEELING YOUR
CUSTOMERS OR
POTENTIAL
CUSTOMERS GET
WHEN THEY SEE OR
HEAR YOUR
COMPANY OR
PRODUCT NAME
BRAND

38. A GOOD BRAND SAYS
TO THE MARKET
“TRUST ME AND I
WILL LOOK AFTER
YOU”. BE READY TO
SHOW CLIENT
TESTIMONIALS, PRESS
WRITE-UPS AND ANY
CUSTOMER
SATISFACTION
SURVEYS YOU MAY
HAVE.
BRAND

39. PROTECT YOUR
INTELLECTUAL
PROPERTY. MAKE
SURE TRADEMARKS
PATENTS AND
DESIGNS ARE
REGISTERED. START
A REGISTER OF
YOUR COPYRIGHTED
MATERIAL
INTELLECTUAL
PROPERTY

40. MAINTAIN A GOOD
CREDIT RATING.
YOUR CREDIT
HISTORY IS
SEARCHABLE. BAD
CREDIT HISTORY
WILL MAKE A BUYER
NERVOUS ABOUT
YOUR BUSINESS.
CREDIT
RATING

41. UNDERSTAND YOUR
COMPETITORS.
WHAT DO THEY DO
WELL? WHAT COULD
YOU COPY? WHAT
DO YOU WANT TO
COMPETE ON?
PRICE? SERVICE?
LOCATION? FUN?
SPEED?
COMPETITION

42. PREMISES
IF POSSIBLE-BUY YOUR
PREMISES. THIS GIVES YOU
MUCH MORE FLEXIBILITY
AND POWER WHEN IT
COMES TO SALE

43. PREMISES
IF YOU OPERATE FROM
PREMISES,LEASE CAN BE
CRITICAL. MAKE SURE YOU HAVE
SUFFICIENT LEASE OR GET THE
LANDLORD TO AGREE TO GIVE A
GOOD LEASE TO A BUYER

44. REASON FOR SALE
BE HONEST ABOUT
THE REASON FOR
SALE. RETIREMENT
IS A GOOD ONE
BUT IF YOU ARE
SELLING BECAUSE
YOU HAVE COME
TO THE END OF THE
ROAD OR LOST
ENERGY, SAY SO.
THIS BUILDS TRUST
AND WILL HELP
WITH THE SALES
TRANSACTION.

45. TELL YOUR STORY VIA A COMPANY
BLOG. THIS IS AN INEXPENSIVE
WAY TO COMMUNICATE WITH
YOUR CLIENTS AND SUPPORTERS.
THIS FORMS PART OF YOUR
INTELLECTUAL PROPERTY

46. Get clarity. Clear your head. See through the fog.

47. YOU ARE THE BRIDGE
ONLY YOU STAND BETWEEN THE
PRESENT AND YOUR FUTURE SUCCESS.

48. SET GOALS THAT STRETCH YOU
THAT WAY YOU WILL GET OUT OF YOUR
COMFORT ZONE

49. LOOK FOR AN OPENING
You are never far
away from a
breakthrough.